Analyst Research Report Snapshot

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Summary:

Contract travails had been well covered in a previous IMS, but Severfield-Rowen’s FY12 results showed the full extent of the financial impact. Recapitalising the business and tempering the expected pace of margin rebuilding sets the scene for a low-profile recovery against a backdrop of still-tough UK industry conditions. The Indian JV is a bright spot and is becoming well established in its local market. Estimates are some way from previous mid cycle levels, but forward valuation multiples are already looking reasonable.

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